SAN FRANCISCO—Artur Bergman, Chief Technology Officer of Fastly, Inc. (NYSE:), recently sold a significant portion of his holdings in the company. According to a Form 4 filing with the Securities and Exchange Commission, Bergman sold a total of 37,728 shares of Class A Common Stock over two days in mid-November.
On November 18, Bergman sold 16,922 shares at a weighted average price of $6.25, generating approximately $105,762. The following day, November 19, he sold an additional 20,806 shares at a weighted average price of $6.61, bringing in around $137,527. These sales, totaling $243,289, were conducted as part of a prearranged trading plan under Rule 10b5-1, which Bergman adopted earlier in the year.
The transactions were executed to satisfy tax obligations related to the vesting of previously granted Restricted Stock Units, as noted in the filing. Following these sales, Bergman retains direct ownership of 6,118,094 shares.
Additionally, Bergman holds indirect ownership of shares through various trusts, including The Artur Bergman Remainder Trust One and Three, and The Per Artur Bergman Grantor Retained Annuity Trusts No. 2 and 3, with a combined total of over 1.9 million shares.
These transactions come as Fastly continues to navigate the competitive landscape of the prepackaged software services industry.
In other recent news, Fastly, Inc. has released its Q3 2024 earnings results and offered insights into its future prospects. The earnings call was led by CEO Todd Nightingale and CFO Ron Kisling and is available for replay on the company’s website. During the call, key forward-looking statements were made about Fastly’s expected business performance, financial results, product sales, and strategies, as well as its long-term growth. The company’s leadership expressed optimism about Fastly’s strategy and future growth, acknowledging potential risks and uncertainties that could affect these projections. Notably, Fastly did not mention any specific financial misses during the call. The company also outlined uncertainties that could potentially impact its performance but indicated confidence in its product sales and overall future prospects. These are the recent developments for Fastly, Inc.
InvestingPro Insights
As Artur Bergman’s recent stock sales draw attention, it’s crucial to consider Fastly’s current financial position and market performance. According to InvestingPro data, Fastly’s market capitalization stands at $914.76 million, reflecting…
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